Construction Contributions

While investment in single-family structures in 21Q1 rose 22% Y-o-Y, it totaled just $375 billion, or 1.7% of GDP, and is barely above the lows of all recessions except the Housing Bust. Conversely, in 21Q1 home improvement jumped to $325 billion, 1.5% of GDP, and has been steadily setting records since the start of the pandemic. With higher house prices, broker commissions jumped 26% Y-o-Y to about 1.1% of GDP.